信贷冲击、内部控制与公司财务行为——基于PSM-DID模型的准实验研究

Credit Shock,Internal Control and Corporate Financial Behaviors:A Quasi-experimental Study Based on PSM-DID Model

采用PSM-DID模型,研究2007-2008年金融危机背景下,信贷冲击对公司财务行为的影响,以及内部控制机制对二者关系的缓冲器作用。结果表明信贷冲击显著影响了融资和投资行为:在危机爆发第一年,债务融资下降达到总资产的1.2%份额,投资支出下降达到总资产的0.4%份额;但对于具有高质量内部控制的公司而言,其财务下行幅度较小,内部控制机制有效地发挥了缓冲器作用。

This study adopts the PSM-DID model to examine the impact of credit shock on corporate financial behaviors and how internal control buffers such an effect in the context of the 2007- 2008 financial crisis. The result shows that the credit shock significantly affects a firm’s financing and investment behavior. In detail,the debt financing declines to about 1. 2% of total assets and investment spending about 0. 4% of total assets. However,when it comes to the firm with high internal control quality,the decline is reduced and thus the internal control plays an effective role as a buffer.